Study On The Impact Of The Opening Of High-speed Rail On Enterprises’ Overcapacity

Overcapacity is a problem that plagues the healthy development of China’s economy and hinders the process of high-quality transformation of China’s economy,while reducing overcapacity is an important part of the supply-side structural reform and the primary task of economic work.Regarding the causes of Chinese-style overcapacity,the academic community has reached consensus on two aspects: "market failure" and "government intervention",while most views on how to resolve overcapacity tend to look for mechanisms from the perspective of government intervention,emphasizing reducing direct government intervention instead to create a fair and reasonable competitive environment through policy design,and to give play to the decisive role of the market in allocating resources,but there is still no corresponding discussion on how to resolve overcapacity through a market-oriented mechanism.In recent years,China’s high-speed rail construction has made remarkable achievements.The "space-time compression effect" of the opening of high-speed rail has promoted the flow of production factors such as information,capital,and labor,which undoubtedly provides a market-oriented mechanism for resolving overcapacity.Overcapacity is actually a phenomenon of resource misallocation.From a theoretical analysis,on the one hand,high-speed railway eases market segmentation and promotes the free flow of production factors,and its "resource allocation optimization effect" eases overcapacity of enterprises.On the other hand,The construction of high-speed railway has stimulated the economic growth and regional economic and trade ties,realized the coordinated development of regional economy,and is an important direction to promote internal circulation.Its "economic growth effect" provides a way out for enterprises to removing overcapacity.Micro-enterprises are an important component of the macro-economy,and the study of the overcapacity problem of micro-enterprises has a driving effect on alleviating China’s overall overcapacity.As China’s economy moves towards high-quality development and the construction of the "eight vertical and eight horizontal" high-speed rail network is in full swing,it is of great significance to systematically explore the impact of changes in time and space distances brought by the opening of high-speed rail on the overcapacity of enterprises.This paper takes the opening of high-speed rail as a natural experiment,combined with the unbalanced panel data of A-share listed companies from 2007 to 2019,and uses the multi-period DID model to empirically test the impact of the opening of high-speed rail on excess capacity of enterprises.The main conclusions are as follows: First,the opening of high-speed rail significantly alleviates the overcapacity of enterprises.It increases the capacity utilization rate of listed companies in site cities by about 0.5%.The conclusion is robust after parallel trend test,placebo test,instrumental variable test,PSM-DID model test,lag effect test and regression with narrowed sample interval.Second,technological innovation and over-investment of enterprises play a partial intermediary role in the opening of high-speed rail to alleviate the overcapacity of enterprises.On the one hand,The opening of high-speed railway has acted on enterprise innovation activities through "knowledge spillover effect" and "market scale effect",and promoted enterprise technological innovation by improving enterprise talent quality and alleviating innovation financing constraints,which is conducive to alleviating enterprise overcapacity.The conclusion is still valid after further replacing technological innovation with technological progress.On the other hand,the opening of high-speed rail optimizes the allocation of capital factors among enterprises by alleviating agency problems and information asymmetry,alleviating over investment and overcapacity of enterprises.Third,the economic consequences test found that the alleviation of overcapacity by the opening of high-speed rail will help companies to improve their short-term performance and long-term value.Therefore,It has a positive impact on the healthy and sustainable development of enterprises.Fourth,there is heterogeneity in the impact of the opening of high-speed rail on the capacity utilization rate of enterprises.From the perspective of macro location,the opening of high-speed rail mainly improves the capacity utilization rate of enterprises in the eastern coastal areas and regional central cities,but has no significant impact on enterprises in inland areas and non-central cities;From the perspective of meso industry,the opening of high-speed railway mainly improves the capacity utilization rate of enterprises in labor-intensive industries,and secondly alleviates the overcapacity of enterprises in capital intensive industries,but the impact on enterprises in technology intensive industries is not significant;from the perspective of micro property rights,The opening of high-speed rail mainly alleviates the overcapacity of state-owned enterprises but has no significant impact on non-state-owned enterprises.This paper analyzes the opening of high-speed rail,over-investment,technological innovation and enterprise overcapacity into a framework,which enriches the research on the opening of high-speed rail and the new economic geography theory at the micro-enterprise level,and provides a new perspective for managing overcapacity in enterprises.Based on theoretical analysis and research conclusions,this paper puts forward policy recommendations from the macro,meso and micro levels,which have certain practical significance.First of all,for enterprises,managers should take advantage of the high-speed rail opening bonus,alleviate overcapacity through technological innovation and investment efficiency improvement,and help enterprises develop high-quality.In terms of technological innovation,enterprises should use the "agglomeration effect" and "knowledge spillover effect" of the opening of high-speed rail to strengthen exchange,learning and technology dissemination,use the improvement of urban attractiveness to speed up the introduction of talents,use the "economic pull effect" to accelerate the consumption of excess capacity,and use financing Relief of constraints drives innovation capital investment.In terms of over-investment,enterprises should use the accessibility improvement to search for investment opportunities in a wider range,use the mitigation of information asymmetry to reduce inefficient investment,and use the shortening of space-time distance to reduce over-investment caused by agency problems.Secondly,for capital market participants,they should make full use of the reduction in travel costs,information search costs,and supervision costs brought about by high-speed rail,strengthen the inspection and supervision of enterprises,and improve the allocation efficiency of capital resources by alleviating the problem of information asymmetry.Finally,for the government and policy makers,the construction of high-speed rail,including site selection,planning,and implementation,should be actively promoted,and the construction of high-speed rail should be guided to maximize its economic effects.The government should improve the evaluation system for official promotion,create a level playing field by replacing direct intervention in the economy with desirable policy guidance,give play to the decisive role of the market in resource allocation,and establish market supervision for economic indicators including overcapacity.and early warning mechanism.